New Delhi: The Enforcement Directorate (ED)is tightening the noose around people borrowing loan against companies and misusing the loan amount. ED is all geared to to crack down on people and companies who are misusing the loan money for personal gains.
The scam in the above context pertains to a fund embezzlement to the tune of Rs 10,000 crore involving Indiabulls Housing Finance (IHFL) co-founder Sameer Gehlaut and a handful of other renowned companies. The Financial Offenses Wing of Delhi Police has registered an FIR against these people, including Sameer Gehlot, who was at the helm of Indiabulls at the time of disbursal of loans.
Gehlot is being probed for financial irregularities, that involves granting of loans on a quid pro quo basis to a handful of promoter groups. The ED has registered an FIR against them in the Financial Offenses Wing of the Delhi Police. Apart from Sameer Gehlot, ED has registered an FIR against some companies on the charge of financial fraud and embezzelment of funds.
Decoded: How Sameer, Other Companies Manipulating the Loan Money
The ED investigation has revealed that various companies took loans worth thousands of crores of rupees from IHFL.
The loan money was used for investment in shares instead of the real purpose behind seeking such loan. The transfer of funds were made at nominal interest rate only, causing huge losses to public funds and banks.
ED has alleged that transactions were made with fraudulent intent that include:
-Allegations that that Harish Fabiani of Americorp Group took a loan of Rs 2078 crore from IHFL.
– 1580 crores loan was given by IHFL to 5 companies of Reliance ADAG
– Rs 1705 crore loan was given to to DLF Group
– Rs 4600 crore loan was given to Vatika Group
Charges have been levelled that former promoter of Indiabulls Housing Sameer Gehlot was involved in distributing loans to all the above mentioned companies. It has been further alleged that Sameer Gehlot got a kickback as part of the earnings made through fraudulent practices.
The Financial Offenses Wing of the Delhi Police will investigate the fraud following ED’s complaint. Stay tuned to ZEE NEWS as we shall be making big revelations related to the loan scam of these companies in the next few days.
